10 Fastest Growing Penny Stocks to Buy Now

8. PowerFleet, Inc. (NASDAQ:AIOT)

3-Year Sales Growth: 38.68%

Sales Growth Year over Year: 92.56%

Stock Upside Potential: 134.90%

Number of Hedge Fund Holders: 23

PowerFleet Inc. (NASDAQ:AIOT) is one of the fastest-growing penny stocks to buy now. On November 11, William Blair reiterated an Outperform rating, impressed by PowerFleet Inc. (NASDAQ:AIOT)’s second-quarter 2026 results, characterized by record revenue and strong performance across key metrics.

The company achieved double-digit year-over-year organic annual recurring revenue growth driven by strong global traction across direct and indirect channels. Total revenue increased 45% to a record high of $111.7 million, driven by expanding adoption of the company’s AIoT platform. Gross profit increased 51% year-over-year to $62.6 million.

William Blair has touted the company on achieving 12% organic services growth amid broad-based business strength and accelerating pipeline momentum.

“Strong product revenue with a sequential revenue improvement of 27%, as well as solid sequential margin expansion, highlights continued momentum and resilience amid evolving macroeconomic conditions,” said Steve Towe, Chief Executive Officer.

However, the company delivered a wider-than-expected net loss attributable to stockholders of $4.3 million, or $0.03 a share, compared to a net loss of $1.9 million, or $0.02 a share, for the same quarter last year. The wider-than-expected net loss was due to higher interest expenses and non-cash amortization.

PowerFleet, Inc. (NASDAQ:AIOT) is a global AIoT (Artificial Intelligence of Things) company that provides software-as-a-service (SaaS) solutions to help organizations manage, monitor, and optimize assets like connected vehicles and warehouse equipment.